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Personal Loans For Low Salary
Personal loans for low salary are those for which people with low incomes can be eligible with ease. Your income is one of the primary factors that affect your personal loan eligibility. Getting a loan or credit card is easier for individuals with higher incomes. This is because lenders are confident of their repayment capacity. They give instant loan offers and preferential interest rates to higher-income groups. So, then what happens to lower-income groups? Let us now read on to find out about a few loans that are especially for individuals who earn a comparatively lower income or salary.About Personal Loans For Low Salary
- Quick Personal Loans For Low Income Earners
- Eligibility Criteria For Personal Loans With Low Salary
- Documents For Personal Loans With Low Salary
- How To Apply For A Personal Loan With Low Income
- Why Should You Apply Through The CreditMantri Website
- Factors Impacting Personal Loans With A Low Salary
- Conclusion
- FAQs of Personal Loans For Low Salary
Quick Personal Loans For Low Income Earners
For A Minimum Salary of Rs. 10,000 and Below
Lender | Interest Rates | Loan Amount | Minimum Salary |
|---|---|---|---|
Upto 29.95% p.a. | Rs. 1000 to Rs. 3 Lakhs | Rs. 10,000 |
For A Minimum Salary of Above Rs. 10,000 and Upto Rs. 15,000
Lender | Interest Rates | Loan Amount | Minimum Salary |
|---|---|---|---|
Money View | Start at 1.33% per month | 5K to 5 Lakhs | Rs. 13,500 |
10.90% p.a. to 15.40% p.a. | Rs. 20 Lakhs | Rs. 15,000 | |
Cashe | Starting at 2.25% per month | Rs. 1000 to Rs. 4 Lakhs | Rs. 12,000 |
Starting from 10.49% p.a. | Upto Rs.15 Lakhs | Rs. 15,000 | |
16% to 36% | Upto Rs. 3 Lakhs | Rs. 15,000 | |
Starting from 14% p.a. | 50,000 to 15 Lakhs | Rs. 15,000 | |
Starting at 10.99 p.a. | 40,000 to 35 Lakhs | Eligibility Criteria For Personal Loans With Low Salary p Rs. 15,000 |
For A Minimum Salary Requirement of Above Rs. 15,000 and up to Rs. 20,000
Lender | Interest Rates | Loan Amount | Minimum Salary Required |
|---|---|---|---|
Stashfin | 11.99% to 59.99% p.a. | Upto Rs. 5 Lakhs | Rs. 18,000 |
1.25% per month | Upto Rs. 5 Lakhs | Rs. 15,000 for non-metro cities and Rs. 18,000 for metro cities |
For A Minimum Salary Requirement of Above Rs. 20,000 and Upto Rs. 30,000
Lender | Interest Rates | Loan Amount | Minimum Salary Required |
|---|---|---|---|
12 to 28% | Upto Rs. 10 Lakhs | Rs. 25,000 | |
10.50% p.a. onwards | Upto Rs. 40 Lakhs | Rs. 25,000 | |
Kotak Mahindra Bank | 10.75% to 26% | Upto Rs. 5 Lakhs | Rs. 25,000 |
Starting from 10.99% p.a. | Rs. 1 Lakh to Rs. 50 Lakhs | Rs. 18000 or Rs. 25,000 depending on the place of residence |
Eligibility Criteria For Personal Loans With Low Salary
Some common eligibility criteria are specified below. The eligibility criteria may vary across lenders.
Criteria | Notes |
|---|---|
Age | 21 to 60 years |
Work Experience in years | At least 2 years |
Job type | People employed in private, government, and public sector companies |
Service in current job | At least 1-year |
Documents For Personal Loans With Low Salary
Document Type | Notes |
|---|---|
Application Form | Application form duly filled |
Identity Proof | You can submit either one of these:
|
Residence Proof | You can submit either one of these:
|
Bank Statements | Bank statements of the last 3 months |
Age Proof | Age proof documents |
Income Proof | Latest salary slips with Form 16 |
Photographs | Recent passport size photographs |
Signature verification proof | - |
Note: This list of documents given above is general. The documents may vary across lenders.
How To Apply For A Personal Loan With Low Income
Online on The CreditMantri Website
- Choose the lender according to the income criteria from the pool of lenders available
- Click on “Check Eligibility”
- Enter basic details like email ID, mobile number, full name as per PAN, loan amount requested, date of birth, residence pin code, residence city, gender, and marital status.
- Click on “Next”
- Proceed with the rest of the steps to complete the application
Online on The Lender’s Website
1. Log in to the official website of the lender chosen2. Go to the Personal loans section.
3. Click on “Apply”
4. Provide the necessary details and continue to complete the application.
Offline application
Applicants can walk into the lender’s office or the bank’s branch with all the relevant documents. They can also apply through ATM kiosks as well. The bank customer service representative will contact you once you raise the request.Why Should You Apply Through The CreditMantri Website
- You can check your credit score and download your credit report for free: it is essential to do a credit score check before you apply for a loan. This way, you can avoid personal loan rejection.
- A pool of 30-plus lenders: You can choose from a pool of 30-plus lenders according to your income eligibility.
- Online Comparison: You can verify if the minimum income eligibility criteria set by lenders match your income level. Then amongst such lenders, you can choose the one which offers the best interest rate.
- Hassle-Free Process: We offer a simple and easy application process. All you have to do is fill in some basic details like name, address, PAN etc. Then enter the OTP sent to your mobile for verification.
Factors Impacting Personal Loans With A Low Salary
- Eligibility Criteria: If you earn a comparatively low income, check the eligibility criteria offered by various lenders. This will help you to avoid personal loan rejection.
- Interest Rate: The interest rate is an important factor when you get a personal loan with a low salary. If your interest rate is higher, you will end up paying more towards interest over the tenure of the loan. So, it is crucial to compare the different interest rates offered by various lenders before you apply for the loan. It is recommended to go to the lender’s website for the interest rate or compare it on a financial marketplace like CreditMantri. We have a pool of lenders who offer personal loans for all financial needs from medical emergencies to planning a holiday.
- Evaluate Other Charges: It is essential to take into account other charges imposed by the lender before computing the cost of the loan.
- Compute the EMI before you take a personal loan: Before you take a personal loan, compute the EMI that you have to pay using a personal loan EMI calculator. It is essential to pay your EMIs on time, because missing even a single EMI payment will have a negative impact on your credit score. If you know your EMI beforehand, it will be easier to manage your finances and also to choose the loan tenure, amount, and interest rate accordingly.
- Do A Credit Score Check: It is ideal to check your credit score before you apply for a personal loan. If you know your credit score before, you will know what personal loan to apply for according to the eligibility for credit score set by the lender. You can also take steps to improve your credit score if you do a check. It is essential to maintain a credit score of 750 plus to get easy personal loan approval and low interest rates.
Conclusion
Apply with the lenders listed above on CreditMantri and get some of the best deals on personal loans for low salary.
FAQs of Personal Loans For Low Salary
1. Can I qualify for personal loans for low-income people with bad credit?
Yes, you can qualify for personal loans for low salary with a bad credit score. But, the interest rate may be slightly high and the loan amount approved may be slightly lower. Make sure that you have enough funds to repay the personal loan. Because missing out even on a single EMI payment may cause your credit score to dip.
2. What is the least salary to get a personal loan?
There is no specific minimum income value to get a personal loan. It varies from lender to lender. There are lenders who have the minimum salary criteria to be as low as Rs. 10,000 and as high as 30,000.
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